- NUBURU Successfully Completes Contract
Awarded by U.S. Air Force -
- Awarded Purchase Order from Major
Multinational Electronics Manufacturer -
NUBURU, Inc. (“NUBURU” or the "Company") (NYSE American: BURU),
a leading innovator in high-power and high-brightness industrial
blue laser technology, today announced its financial results for
the third quarter ended September 30, 2023.
Operational Updates
- Announced the completion of a contract awarded by U.S. Air
Force following successful demonstration of blue laser-based area
printing, supported by GE Additive, to develop scalable 3D printing
manufacturing systems.
- Awarded a purchase order for delivery of a BL-250 from a major
multinational electronics manufacturer in a research and
development capacity to demonstrate the integration of NUBURU’s
laser welding capabilities.
- Positioned the Company’s executive management team to scale
commercialization with the appointment of Brian Knaley as Chief
Executive Officer and Ron Nicol as Executive Chairman, following
the addition of former National Security Advisor John Bolton to the
Board of Directors.
- Registered to present at the Sidoti Micro-Cap Conference hosted
virtually from November 15 – November 16.
"Our third-quarter results reflect supply chain restrictions
mostly in-line with our expectations entering the second half of
2023," commented Brian Knaley, Chief Executive Officer of
NUBURU. "During Q3, we however faced additional headwinds from
the integration of our systems into customer applications and
subsequently experienced delays in the shipment of our products.
I’m confident that the solutions we have developed will not only
enhance our BL-250 product offering but also streamline the
manufacturing process to improve the application and integration of
our technologies within their respective end-markets going forward.
With the anticipation of a rebound in deliveries of our laser
systems during the fourth quarter of 2023, we have adjusted our
full year 2023 outlook accordingly and are eagerly awaiting the
positive impact of our technological improvements.”
Ron Nicol, Executive Chairman of NUBURU added: “The
purchase order we’ve received from a major multinational
electronics manufacturer stands as a testimony for the unbroken
inbound of interest in our cutting-edge blue laser technology. Our
focus is now on further strengthening our distribution network.
Combining the current growing end-markets with our extensive IP and
upcoming one-kilowatt blue laser system, NUBURU is well positioned
to drive commercial success and execute against its long-term
growth strategy.”
Financial Results for the Third Quarter Ended September 30,
2023, as Compared to the Third Quarter Ended September 30,
2022
- Total revenue was $0.2 million compared to $0.9 million,
or a 78% quarter-over-quarter decrease, primarily due to a decrease
in the number of laser system sales during the period.
- Total gross profit (loss) was $(0.9) million, compared
to $(1.0) million, attributable to a decrease in cost of revenue
following a decrease in production of laser systems as the Company
focuses on the manufacturing of the BL series and offset by the
decrease in revenues.
- Gross margin was (497)%, compared to (111)%, driven by
decreasing revenue and partially offset by lower cost of revenues
following the retirement of the AO series.
- Total operating expenses were $4.2 million, compared to
$2.9 million. The increase is primarily attributable to increased
professional fees associated with legal, compliance and accounting
matters associated with cost of operating a public company. Further
contributors to the increase were increased research and
development personnel expenses and the addition of a new Chief
Marketing and Sales Officer in March 2023.
- Net loss was $5.1 million, or $0.14 per share, compared
to $3.9 million, or $0.71 per share, primarily as a result of the
above-described increase in total operating expenses.
- EBITDA(1) was $(4.8) million, compared to $(3.8)
million.
- Capital expenditures were $0.3 million, compared to $0.1
million. The increase is primarily driven by the increase in
production capabilities to support additional product lines.
- Free cash flow(1) was $(4.9) million, compared to $(2.7)
million, primarily attributable to decreasing revenue and the
increase in total operating expenses.
- Cash and cash equivalents were $1.6 million as of
September 30, 2023.
Revised Full Year 2023 Financial Outlook
The Company revises its 2023 outlook to total revenue of $2.1
million, EBITDA(1) in the range of $(18) million and $(21)
million, and free cash flow(1) to be in the range of $(17)
million and $(20) million. The Company believes that it has access
to sufficient sources of capital to fund this business plan.
Conference Call and Webcast
NUBURU will hold a conference call to discuss financial results
on Thursday, November 9, 2023, at 2:30 p.m. MT / 4:30 p.m. ET. The
dial-in number is (888) 259-6580 for domestic callers, conference
ID 73449372. A live webcast of the conference call will be
available on the investor relations page of NUBURU's corporate
website at
http://ir.nuburu.net/events-and-presentations/default.aspx.
After the live webcast, a replay will remain available online on
the investor relations page of NUBURU's website, under "Events
& Presentations" for 90 days following the call.
____________ (1) EBITDA and Free cash flow are non-GAAP
financial measures. The inability to project certain components of
the EBITDA and free cash flow calculations used on a
forward-looking basis would significantly affect the accuracy of a
reconciliation. Accordingly, the Company does not provide a
reconciliation of projected net income to projected Adjusted
EBITDA.
About NUBURU®
Founded in 2015, NUBURU, INC. (NYSE American: BURU) is a
developer and manufacturer of industrial blue lasers that leverage
fundamental physics and their high-brightness, high-power design to
produce faster, higher quality welds and parts than current lasers
can provide in laser welding and additive manufacturing of copper,
gold, aluminum and other industrially important metals. NUBURU’s
industrial blue lasers produce minimal to defect-free welds that
are up to eight times faster than the traditional approaches — all
with the flexibility inherent to laser processing. For more
information, please visit www.nuburu.net.
Non-GAAP Measures
This release includes GAAP and non-GAAP income and per-share
earnings data and other GAAP and non-GAAP financial information. We
believe that non-GAAP financial information, when taken
collectively and in context, may be helpful to investors in
assessing our operating performance and trends and in comparing our
financial measures with those of comparable companies that may
present similar non-GAAP financial measures. The non-GAAP measures
included in this release are not in accordance with, or an
alternative for, similar measures calculated under generally
accepted accounting principles and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles. Nuburu believes EBITDA and Free Cash Flow are useful
in evaluating our operational performance. We use this non-GAAP
financial information to evaluate our ongoing operations and for
internal planning and forecasting purposes. We also use these
non-GAAP measures to assess performance against business
objectives, make business decisions, develop budgets, forecast
future periods, assess trends, and evaluate financial impacts of
various scenarios. Additionally, we believe that these non-GAAP
measures, in combination with our financial results calculated in
accordance with GAAP, provide investors with additional
perspective. To gain a complete picture of all effects on our
financial results from any and all events, management does (and
investors should) rely upon the GAAP measures as well, as the items
excluded from non-GAAP measures may contribute to not accurately
reflecting the underlying performance of the company’s continuing
operations for the period in which they are incurred. Furthermore,
the use of non-GAAP measures has limitations in that such measures
do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP, and these
measures should only be used to evaluate our results of operations
in conjunction with the corresponding GAAP measures.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including certain financial forecasts and
projections and relationships with customers and third parties. All
statements other than statements of historical fact contained in
this press release may be forward-looking statements. Some of these
forward-looking statements can be identified by the use of
forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “seek,” “targets,” “projects,” “could,” “would,”
“continue,” “forecast” or the negatives of these terms or
variations of them or similar expressions. All forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. All
forward-looking statements are based upon estimates, forecasts and
assumptions that, while considered reasonable by NUBURU and its
management, are inherently uncertain and many factors may cause the
company’s actual results to differ materially from current
expectations which include, but are not limited to: (1)
manufacturing and delivery of products could be delayed by supply
constraints, manufacturing capacity constraints, shortages of
skilled labor, unexpected defects or bugs in the manufacturing
process or the product, and other risks typical for highly
sophisticated products, particularly at an early stage of
manufacturing ramp; (2) delays or other difficulties in product
development; (3) the inability to access sufficient capital,
whether from Lincoln Park Capital or other sources, to operate as
anticipated; (4) customers may order fewer products than
anticipated; (5) the Company may receive less revenue than
anticipated from multi-year, multi-company government contracts;
(6) failure to retain and recruit key personnel, including key
executives and skilled engineers, could compromise the Company’s
ability to sell products or to develop new products in timely
fashion; (6) the Company could be adversely affected by other
economic, business and competitive factors, including volatility in
the financial system and markets caused by geopolitical and
economic factors; (7) other risks and uncertainties set forth in
the sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in NUBURU’s most recent periodic report
on Form 10-K or Form 10-Q and other documents filed with the
Securities and Exchange Commission from time to time. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. NUBURU does not give any assurance that
it will achieve its expected results. NUBURU assumes no obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
otherwise required by applicable law.
NUBURU, INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
$
186,743
$
868,153
$
1,710,794
$
1,005,528
Cost of revenues
1,115,703
1,832,036
4,813,404
3,653,980
Gross margin
(928,960
)
(963,883
)
(3,102,610
)
(2,648,452
)
Operating expenses:
Research and development
1,348,450
1,066,161
4,300,166
2,684,694
Selling and marketing
523,627
95,670
1,066,289
603,629
General and administrative
2,335,605
1,757,104
8,409,877
4,131,477
Total operating expenses
4,207,682
2,918,935
13,776,332
7,419,800
Loss from operations
(5,136,642
)
(3,882,818
)
(16,878,942
)
(10,068,252
)
Interest income
46,998
14,875
91,914
19,178
Interest expense
(162,765
)
(55,276
)
(175,149
)
(57,490
)
Other income, net
167,108
—
1,002,647
—
Loss before provision for income taxes
$
(5,085,301
)
$
(3,923,219
)
$
(15,959,530
)
$
(10,106,564
)
Provision for income taxes
—
—
—
—
Net loss and comprehensive loss
$
(5,085,301
)
$
(3,923,219
)
$
(15,959,530
)
$
(10,106,564
)
Net loss per share, basic and diluted
$
(0.14
)
$
(0.71
)
$
(0.50
)
$
(1.86
)
Weighted-average common shares used to
compute net loss per share attributable to common stockholders,
basic and diluted
35,425,105
5,537,557
31,955,539
5,421,056
NUBURU, INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
September 30, 2023
December 31, 2022
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
1,626,730
$
2,880,254
Accounts receivable, net
469,904
327,200
Inventories, net of allowance of
$1,047,830 and $292,990, respectively
1,086,741
972,695
Deferred financing costs
65,000
4,258,515
Prepaid expenses and other current
assets
579,244
46,737
Total current assets
3,827,619
8,485,401
Property and equipment, net
4,763,058
3,771,849
Construction in progress
59,672
188,912
Right-of-use assets
410,188
641,651
Other assets
34,359
34,359
TOTAL ASSETS
$
9,094,896
$
13,122,172
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
Current liabilities
Accounts payable
$
4,184,347
$
4,456,587
Accrued expenses
1,669,842
2,312,118
Current portion of operating lease
liability
366,033
343,049
Contract liabilities
230,075
178,750
Current portion of convertible notes
payable
—
7,300,000
Total current liabilities
6,450,297
14,590,504
Operating lease liability
95,409
373,907
Convertible notes payable
6,713,241
—
Warrant liabilities
334,216
—
TOTAL LIABILITIES
13,593,163
14,964,411
Commitments and Contingencies (Note 6)
Stockholders’ Equity (Deficit)
Convertible preferred stock, $0.0001 par
value; 50,000,000 shares authorized; 3,038,905 and 23,237,703
shares issued and outstanding at September 30, 2023 and December
31, 2022, respectively
304
4,040
Common stock, $0.0001 par value;
250,000,000 shares authorized; 35,554,624 and 5,556,857 shares
issued and outstanding at September 30, 2023 and December 31, 2022,
respectively
3,555
1,077
Additional paid-in capital
72,649,712
59,344,952
Accumulated deficit
(77,151,838
)
(61,192,308
)
Total Stockholders’ Equity (Deficit)
(4,498,267
)
(1,842,239
)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
$
9,094,896
$
13,122,172
Key Operating and Financial Metrics (Non-GAAP
Results)
The following tables present our key performance indicators for
the three months ended September 30, 2023.
Three Months Ended September
30,
2023
2022
$ Change
Revenues
$
186,743
$
868,153
$
(681,410
)
Total gross margin
(928,960
)
(963,883
)
34,923
EBITDA(1)
(4,824,579
)
(3,782,921
)
(1,041,658
)
Capital expenditures
(317,038
)
(96,803
)
(220,235
)
Free cash flow(1)
(4,876,411
)
(2,654,369
)
(2,222,042
)
The following tables present our key performance indicators for
the nine months ended September 30, 2023.
Nine Months Ended September
30,
2023
2022
$ Change
Revenues
$
1,710,794
$
1,005,528
$
705,266
Total gross margin
(3,102,610
)
(2,648,452
)
(454,158
)
EBITDA(1)
(15,506,324
)
(9,687,713
)
(5,818,611
)
Capital expenditures
(1,142,910
)
(282,275
)
(860,635
)
Free cash flow(1)
(14,402,091
)
(7,570,111
)
(6,831,980
)
(1) EBITDA and Free cash flow are non-GAAP financial measures.
See “Non-GAAP Information” below for our definitions of, and
additional information about, EBITDA and Free cash flow and for a
reconciliation to the most directly comparable U.S. GAAP financial
measures.
Non-GAAP Information
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operational performance. We use the following non-GAAP
financial information to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively and in
context, may be helpful to investors in assessing our operating
performance and trends and in comparing our financial measures with
those of comparable companies that may present similar non-GAAP
financial measures.
EBITDA and Free Cash Flow
We define “EBITDA” as income (loss), plus (minus) depreciation
and amortization expenses, plus (minus) interest, plus (minus)
taxes and “Free cash flow” as net cash from (used in) operating
activities less capital expenditures. EBITDA and Free cash flow are
intended as supplemental measures of our performance that are
neither required by, nor presented in accordance with, GAAP and
these measures should not be considered a substitute for net income
(loss), and net cash used in operating activities reported in
accordance with GAAP. Our computation of EBITDA and Free cash flow
may not be comparable to other similarly titled measures computed
by other companies, because all companies may not calculate EBITDA
or Free cash flow in the same fashion.
Limitations of Non-GAAP Measures
There are a number of limitations related to EBITDA, including
the following:
- EBITDA excludes certain recurring, non-cash charges, such as
depreciation of property and equipment and/or amortization of
intangible assets. While these are non-cash charges, we may need to
replace the assets being depreciated and amortized in the future
and EBITDA does not reflect cash requirements for these
replacements or new capital expenditure requirements.
- EBITDA does not reflect interest expense, net, which may
constitute a significant recurring expense in the future.
- Free cash flow does not reflect the impact of equity or debt
raises or repayment of debt or dividends paid.
Because of these and other limitations, EBITDA and Free cash
flow should not be considered in isolation or as a substitute for
performance measures calculated in accordance with GAAP. We
compensate for these limitations by relying primarily on our GAAP
results and using EBITDA and Free cash flow on a supplemental
basis. You should review the reconciliation of our net loss to
EBITDA and net loss to Free cash flow below and not rely on any
single financial measure to evaluate our business.
Our presentation of EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items and our presentation of Free cash flow does not
necessarily indicate whether cash flows will be sufficient to fund
our cash needs.
Reconciliation
The following table reconciles our net loss (the most directly
comparable GAAP measure to EBITDA) to EBITDA for the period
presented:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(5,085,301
)
$
(3,923,219
)
$
(15,959,530
)
$
(10,106,564
)
Interest (income) expense, net
115,767
40,401
83,235
38,312
Income tax expense
—
—
—
—
Depreciation and amortization
144,955
99,897
369,971
380,539
EBITDA
$
(4,824,579
)
$
(3,782,921
)
$
(15,506,324
)
$
(9,687,713
)
The following table reconciles our net cash used in operating
activities (the most directly comparable GAAP measure to Free Cash
Flow) to Free cash flow for the three months ended September 30,
2023.
Three Months Ended September
30,
2023
2022
Net cash used in operating activities
$
(4,559,373
)
$
(2,557,566
)
Capital expenditures
(317,038
)
(96,803
)
Free cash flow
$
(4,876,411
)
$
(2,654,369
)
The following table reconciles our net cash used in operating
activities (the most directly comparable GAAP measure to Free Cash
Flow) to Free cash flow for the nine months ended September 30,
2023.
Nine Months Ended September
30,
2023
2022
Net cash used in operating activities
$
(13,259,181
)
$
(7,287,836
)
Capital expenditures
(1,142,910
)
(282,275
)
Free cash flow
$
(14,402,091
)
$
(7,570,111
)
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version on businesswire.com: https://www.businesswire.com/news/home/20231109166173/en/
Investor Relations: Cody Slach & Ralf Esper Gateway
Group, Inc. BURU@gateway-grp.com (949) 574-3860
Media Relations: Zach Kadletz & Anna Rutter Gateway
Group, Inc. BURU@gateway-grp.com (949) 574-3860
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